Evercore ISI Cuts Plug Power (NASDAQ:PLUG) Price Target to $4.00

Plug Power (NASDAQ:PLUG) had its target price cut by Evercore ISI from $5.00 to $4.00 in a report published on Wednesday,Benzinga reports. They currently have an outperform rating on the electronics maker’s stock.

A number of other research analysts also recently commented on the company. Jefferies Financial Group reduced their target price on Plug Power from $2.20 to $2.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Craig Hallum reduced their price objective on Plug Power from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Plug Power in a research note on Wednesday. Piper Sandler dropped their target price on shares of Plug Power from $2.50 to $2.40 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Finally, Canaccord Genuity Group decreased their price target on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating for the company in a report on Wednesday. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $4.52.

Plug Power Stock Performance

Plug Power stock opened at $1.87 on Wednesday. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -0.87 and a beta of 1.81. Plug Power has a 12 month low of $1.60 and a 12 month high of $5.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.08 and a quick ratio of 0.91. The stock’s 50-day moving average is $2.08 and its 200-day moving average is $2.40.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The company had revenue of $173.70 million during the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the prior year, the company earned ($0.47) EPS. The firm’s revenue was down 12.6% compared to the same quarter last year. Equities analysts anticipate that Plug Power will post -1.16 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. HBK Sorce Advisory LLC acquired a new stake in shares of Plug Power during the 1st quarter valued at about $37,000. Nations Financial Group Inc. IA ADV acquired a new position in shares of Plug Power during the 2nd quarter worth $26,000. SteelPeak Wealth LLC acquired a new position in shares of Plug Power during the 2nd quarter worth $26,000. Aire Advisors LLC bought a new position in shares of Plug Power during the 2nd quarter valued at $28,000. Finally, Madison Park Capital Advisors LLC acquired a new stake in shares of Plug Power in the 2nd quarter valued at $29,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

Plug Power Company Profile

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.